Erfolge und Misserfolge von Entschuldungsinitiativen: Die Perspekive einer NRO

Debt reduction initiatives over the last years have led to some achievements for a number of countries, both in terms of quantity as well as quality. Nevertheless, fundamental deficits still make long term debt sustainability in developing countries wishful thinking. In quantity, too few countries received too little debt reduction. More debt relief is possible – and very much needed for achieving the Millennium Devel-opment Goals. The MDGs (rather than political opportunity) should also be the cornerstone for the selec-tion of countries eligible for debt relief. Regarding quality, the crucial problem remains that all relevant decisions and procedures within the present system of international debt management lie in the hands of creditors. A fair and transparent arbitration process where both creditors and debtors have equal voice and where minimum living standards are safeguarded would not only be a valuable contribution for improv-ing global governance. It would also make sense economically by providing better incentives for respon-sible lending as well as responsible borrowing. (Original text only available in german language)